WASHINGTON (3/12/12)--A Wall Street Journal story last Friday took note of credit unions' push for member business lending (MBL) legislation on the Senate side of Capitol Hill, and the Credit Union National Association (CUNA) continues to call on legislators to take MBL action.
CUNA and credit union efforts are focused on the Senate, and working with legislators to add MBL language to an upcoming Senate jobs bill. CUNA and credit union leagues have encouraged supporters to contact their legislators through a credit union action call, notes Ryan Donovan, CUNA senior vice president of legislative affairs.
The U.S. House last week passed the Jumpstart Our Business Startups (JOBS) Act, and while MBL legislation was not a part of that final bill, Donovan explained that the structure of that House jobs bill prevented legislators from adding many amendments. CUNA, credit union leagues and credit unions continue to press in the Senate.
S. 509, which would increase the MBL cap from 12.25% to 27.5% of assets, remains active in the Senate, and has 22 cosponsors. A similar bill, H.R. 1418, has 122 cosponsors.
CUNA has estimated that increasing the MBL cap to 27.5% of assets would inject $13 billion in new funds into the economy, creating as many as 140,000 new jobs, at no cost to taxpayers.
Also on the MBL front, and in light of passage of the House jobs bill, the Progressive Policy Institute (PPI) is recirculating to federal lawmakers its December paper entitled "The Credit Gap: Easing the Squeeze on the Smallest Businesses," which backs an MBL increase as a bipartisan plan that could enhance any jobs bills.
To join CUNA's MBL call to action, use the resource link.